Regulatory Alerts2025-06-17
Added
Release of foreign exchange against cost of advertisement
Authorized dealers may now effect remittances on behalf of their advertisement agency-customers circulating advertisements in foreign media for resident entities. To process these transactions, authorized dealers must obtain valid agreements, invoices, statements showing surplus positions after deductions, documentary evidence of tax payments, and an undertaking to repatriate any wrong or excess remittances immediately upon demand. Payments are executed by one nominated bank branch per remitter, with file transfers allowed via written request for changes. Authorized dealers must continue to comply with Section 3(4) of the FER Act, 1947, including KYC, AML/CFT standards, reporting, and document preservation.
Topics
fx
Share